Monday, 2 September 2019

US and China raise tariffs, China plans more support for economy as manufacturing weakens

A new round of tariffs were imposed on Sunday by the US and China on each other's goods.

The US began imposing 15 percent tariffs on a variety of Chinese goods including footwear, smart watches and flat-panel televisions while China began imposing new duties on US crude oil.

Meanwhile, the trade war between the two countries may already be impacting the Chinese economy.

A report on Saturday by China’s National Bureau of Statistics showed that its manufacturing purchasing managers' index fell to 49.5 in August from 49.7 in July.

The report was followed by an announcement by the State Council on Sunday that the government plans to provide more support for its economy, including investing in infrastructure projects and regional development.

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